The Scale Created by Merger Showing no Signs of Great Improvement in per-Store Sales
No-moat-rated FamilyMart Uny’s first-quarter results are above our expectation and profits are slightly ahead of the company’s target, boosted by a change in the timing of expense recognition of JPY 1.7 billion in property taxes, pumping up first-quarter operating profits by more than 15%. Excluding the above-mentioned tax item, we find no compelling evidence to alter our view that the enlarged scale is unlikely to lift convenience-store, or C-store, gross margins and daily per-store sales subst...FamilyMart UNY Holdings is a holding company mainly engaged in the operation of convenience chain stores and general merchandise stores. Convenience Store segment is involved in the operation of convenience chain stores under the name of "FamilyMart" throughout Japan as well as in Taiwan, Thailand, China, Viet Nam, Indonesia, the Philippines and Malaysia through direct management and franchise systems. General Merchandise Store segment is engaged in the operation of general merchandise stores under the names of "APITA" and "PIAGO" in Tokai, Kanto, Hokuriku, Koshinetsu, Kansai and Tohoku regions as well as in Hong Kong. As of Feb 28 2017, Co. maintains total 24,710 stores.
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